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Estonia Industrial production April 2016

Estonia: Industrial production shows the first signs of recovery in April

May 31, 2016

According to Statistics Estonia, industrial production increased a working-day adjusted 0.8% over the same month last year in April, which marked a solid improvement from the revised 5.1% drop registered in March (previously reported: -4.8% year-on-year). April’s increase marked the best result since March 2015 and was driven by broad-based improvements across the index.

A seasonally-adjusted month-on-month assessment shows that industrial production increased 5.9% in April, the highest reading seen since January 2014 (March: -3.3% mom). Meanwhile, the annual average variation in industrial production edged up from March’s minus 3.5% to minus 3.3% in April.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 2.9% in 2016, which is unchanged from last month’s projection. The panel foresees industrial production increasing 3.8% in 2017.

Author:Andrea Vetrugno, Economist

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According to Statistics Estonia, growth in industrial production accelerated from a revised working-day adjusted 4.5% year-on-year increase in September (previously reported: +4.1% year-on-year) to a 6.2% expansion in October.